BAE Systems has received a contract to help NFU Mutual develop a system for the insurance company to protect customers against fraud and financial crimes.
The teaming up of the insurance composite with BAE is aimed at utilizing external and internal data sources to identify fraudsters at the point of sale, BAE announced Friday.
The contract will commence in 2017 and see BAE Systems’ financial crime division provide NFU Mutual with a counter fraud solution that will detect and prevent financial crime throughout the customer lifecycle and across the business.
“We will be working with NFU Mutual to help it deliver on its zero tolerance approach to fraud and financial crime by implementing faster and more accurate fraud detection, using the best data at the right time in the right way.” George Robbins, VP EMEA, Commercial Solutions at BAE Systems Applied Intelligence, said.
“Many businesses work in silos, which often means teams not only operate using different systems and technologies, they also duplicate effort and costs. By consolidating NFU Mutual’s operations into a single group fraud and financial crime platform we can improve controls on financial crime and fraud detection.” Robbins added.